Dubai gold prices continue to hit record highs daily
Gold price’s rally stepped up a gear on Thursday morning, adding to its record-breaking pace, as investors flock towards safe havens amid continued chaos in global geopolitics and tensions escalated between the US and Iran.
The yellow metal broke the psychological price barrier of $5,500 worldwide, and 22K gold spiked above Dh600 per gram for the first time in Dubai on Thursday.
According to the Dubai Jewellery Group, 24K gold surged Dh30. 5 per gram to a new high of Dh666 per gram on Thursday. Likewise, 22K gold rates soared high to Dh616. 75 per gram while Dh 28.25 was the highest price of one gram.
Of the other precious metals, 21K, 18K and 14K also lost value which were sold at Dh591 a gramme. 25, Dh506. 75 and Dh395. 25 per gram, respectively.
Gold rose above $5,500 for the first time and was trading at $5,549.75 an ounce on Wednesday morning, up 4.6 per cent.
With more interest rate cuts expected by the US Federal Reserve and geopolitical tensions continuing to weigh on markets analysts are increasingly predicting precious metals will reach new highs, perhaps even $6,000 this year.
Trump warned Iran on Thursday that if they do not sit down to negotiate, the US could take an offensive action against Tehran.
The US has already sent aircraft carriers to the Middle East to goad Iran to negotiations.
He has left open the possibility of new military action against Iran after Washington supported and joined Israel’s 12-day war in June intended to degrade Iranian nuclear and ballistic missile programs.
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